Hi, my mom is on her late 60s and it's on disability and SS, and lives in government funded housing (she only pays 1/3 her income as rent, regardless of income). She also has to be a certain age and have income low enough to qualify for her apartment and was on a waiting list for a few years to get it.
She's very frugal. She doesn't believe in expiration dates on food (goes by smell), her hobbies are free or very cheap, she wears clothes until they turn to threads, and main "luxury" is regularly buying my kids candy and garbage toys from the dollar store. When she worked she was not paid much, so her ss and disability are pretty low.
Combine all of the above and she told me she's saving over $300/month. But she's paranoid to put it in the bank, she thinks if the government sees she has money in the bank they take away the disability/ss/apartment.
Is that right? Anyone know?
Right now she keeps multiple grand she's saved up in the apartment, and sometimes on her person when she goes somewhere, which makes giant klaxons go off in my head. I know she was saving money by being a big cheapskate but i didn't know how much and the where. So i want to make sure i two her it's safe to put it in a savings account if that's the case.